Three years is the shortest maximum repayment period among the lenders in our list.

Pros: Competitive APRs; no prepayment penalty; need at least 650 personal credit score to qualify Cons: Not for long-term financing [Back to top] Able offers business loans of up to

Three years is the shortest maximum repayment period among the lenders in our list.Pros: Competitive APRs; no prepayment penalty; need at least 650 personal credit score to qualify Cons: Not for long-term financing [Back to top] Able offers business loans of up to $1 million that can be partly subsidized by your friends and family, making it a good choice if you’ve rounded up a loyal customer base.

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Three years is the shortest maximum repayment period among the lenders in our list.

Pros: Competitive APRs; no prepayment penalty; need at least 650 personal credit score to qualify Cons: Not for long-term financing [Back to top] Able offers business loans of up to $1 million that can be partly subsidized by your friends and family, making it a good choice if you’ve rounded up a loyal customer base.

million that can be partly subsidized by your friends and family, making it a good choice if you’ve rounded up a loyal customer base.

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However, you must be cautious when dealing with debt consolidation companies.

Once you have agreed to the debt consolidation plan, you can’t go back, so it’s important to understand the potential consequences first.

Which is why a consolidation loan can often prove to be a better option: it may allow you to get a lower interest rate, which would save you money over the long-run.

2) High monthly payments People with lots of debt also frequently struggle with high minimum payments – which are sometimes more than they can pay each month.

Pros: You can solicit friends and family to back part of your loan Cons: Not for borrowers with bad credit or low revenue; funding speed dependent on how quickly backers commit funds Nerd Wallet has created a list of the best small-business loans to meet your needs and goals.

We gauged lender trustworthiness, market scope and user experience, among other factors, and arranged the lenders by categories that include your revenue and how long you’ve been in business.Its application process takes about 10 days but is still faster than at Smart Biz, making it a solid option for healthy businesses looking for quick financing.Pros: Low APRs for borrowers with good credit; flexible term lengths; no minimum revenue required Cons: Young businesses and borrowers with poor personal credit won’t qualify [Back to top] Credibility Capital offers short-term financing — one, two or three years — to companies with good credit, making it a valid option for businesses looking to refinance expensive debt.That can make it easier to focus on getting out of debt. People have saved thousands by consolidating higher-interest debts using a single, personal loan, this will not negatively impact your credit.Check Your Rate Now The term debt consolidation encompasses a wide range of options. Below, we’ll describe the various different ways you can consolidate your debt and explain the advantages and disadvantages of each particular option: Debt Consolidation Company There are many debt consolidation companies out there.If you’re in debt, you may have asked yourself: “Is debt consolidation a good idea?